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Income Tax Appellate Tribunal - Delhi

Cinestaan Entertainment P.Ltd, New ... vs Ito, Ward-6(2), New Delhi on 11 January, 2019

     IN THE INCOME TAX APPELLATE TRIBUNAL
               DELHI BENCH 'B', NEW DELHI

BEFORE SH. N. K. BILLAIYA, ACCOUNTANT MEMBER
                         &
     Ms. SUCHITRA KAMBLE, JUDICIAL MEMBER

                   Stay Application No.5/DEL/2019
                       (ITA No.8113/Del/2018)
                     Assessment Year: 2015-16


   Cinestaan Entertainment P.            ITO, Ward - 6 (2), New
   Ltd., 203, Siddharth           Vs     Delhi
   Chambers, Near IIT, Hauz
   Khas, New Delhi -110016
   PAN AAFCC4067R
   (APPELLANT)                           (RESPONDENT)



   Appellant by                        Sh. Pradeep Dinodia, FCA,
   Respondent by                       Sh. V. P. Singh, Sr. DR


   Date of hearing:                    11/01/2019
   Date of Pronouncement:              11/01/2019

                             ORDER

PER N. K. BILLAIYA, AM:

With this stay petition, the assessee has requested to stay the demand arising from the assessment order framed u/s 143 (3) of the Act for A. Y. 2015-16. The assessee prayed for the stay of demand arising out of the said assessment order.

2. Representatives of both the sides were heard. Case records carefully perused. We find that out of the total demand of Rs. 40.98 crores the assessee has already paid of Rs. 8.19 crores which is about 20% of the total demand. We also find that the bank account No.7311364982 with Kotak Mahindra Bank has also been freezed.

3. Since the business operation of the assessee has come to a standstill it would be in the interest of both the sides that the said bank account be released immediately.

4. On perusal of the underlying facts in the issues we are of the opinion that the balance of convenience is in favour of the assessee. In the interest of justice and fair play we direct the assessee to pay a sum of Rs. 2 crore in installment. The assessee is directed to pay installment of Rs.50 lacs per month each on or before 31.01.2019, 28.02.2019, 31.03.2019 and 30.04.2019 subject to the payment of the demand as mentioned here in the balance demand is stayed for a period of 180 days or till the disposal of the appeal whichever is earlier.

5. We direct the registry to post the appeal for hearing on 18.03.2019. The assessee is directed to file paper book as per the rules and shall not take any adjournment without any justifiable cause otherwise the stay will get vacated.

6. With the above directions the stay petition is allowed.

7. In the result, the stay application filed by the assessee is allowed.

Order pronounced in the open court on 11.01.2019.

     Sd/-                                             Sd/-
(SUCHITRA KAMBLE)                                (N. K. BILLAIYA)
JUDICIAL MEMBER                                ACCOUNTANT MEMBER


*NEHA*
Date:- .01.2019
Copy forwarded to:
1.     Appellant
2.     Respondent
3.     CIT
4.     CIT(Appeals)
5.     DR: ITAT
                                                 ASSISTANT REGISTRAR
                                                     ITAT NEW DELHI



          Date of dictation                               11.01.2019

Date on which the typed draft is placed before the dictating Member Date on which the typed draft is placed before the Other member Date on which the approved draft comes to the Sr.PS/PS Date on which the fair order is placed before the Dictating Member for Pronouncement Date on which the fair order comes back to the Sr. PS/ PS Date on which the final order is uploaded 11.01.2019 on the website of ITAT Date on which the file goes to the Bench Clerk Date on which file goes to the Head Clerk. The date on which file goes to the Assistant Registrar for signature on the order Date of dispatch of the Order